Most people work to earn a
living, and produce goods and services. Goods are either agricultural (like
maize), or manufactured (like cars). Services are such things as education,
medicine, and commerce. Some people provide goods; some provide services. Other
people provide both goods and services. For example, in the same garage a man
may buy a car or some service which helps him maintain his car.
The work people do is called economic
activity. All economic activities taken together make up the economic system of
a town, a city, a country or a world. Such an economic system is the sum-total
of what people do and what they want. The work people do either provides what
they need or provides the money with which they can buy essential commodities.
Of course, most people hope to have enough money to buy commodities and
services which are non-essential but which provide some particular personal
satisfaction, such as toys for children, visits to the cinema and books.
The
science of economics is based upon the facts of our everyday lives. Economists
study our everyday lives and the general life of our communities in order to
understand the whole economic system of which we are part. They try to describe
the facts of the economy in which we live, and to explain how it works. The
economist’s methods should of course be strictly objective and scientific.
We
need food, clothes and shelter. We probably would not go to work if we could
satisfy these basic needs without working. But even when we have satisfied such
basic needs, we may still want other other things, such as the toys, visits to
the cinema and books mentioned above. Our lives might be more enjoyable if we
had such things. Human beings undoubtedly have a wide and very complex range of
wants. The science of economics is concerned with all our needs with desire to
have a radio as well as the basic necessity of having enough food to eat. (Taken
formA Rapid Course in English for
Students of Economics by Tom McArthur)
QUESTION
1.
What
is the main idea of paraghrap 1?
2.
What
do most people produce?
3.
What
is an economic activity?
4.
Mention
of example of services which provide some personal satisfaction
5.
What
is based upon the facts of our everyday lives?
6.
Why
the economist should study our everyday lives?
7.
What
do the economist try to do ?
8.
What
is the main idea of paraghrap 4?
9.
What
our basic needs?
10. What is the meaning of
the sentences “human beings undoubtedly have a wide and a very complex range of
wants” (line 26-27)?
ANSWER
4.
The
example of services which providesom personal satisfaction such as toys for
children, visits to the cinema and books.
5.
The
science of economics is based upon the facts of our everyday lives.
6.
Economists
study our everyday lives in order to understand the whole economic system of
which we are part.
